Bitcoin and Ethereum Prices Drop Following Powell's Comments

The cryptocurrency market saw significant drops on Wednesday as Federal Reserve Chair Jerome Powell reaffirmed the central bank's stance on digital assets. Powell stated that the Federal Reserve is not permitted to own Bitcoin under the Federal Reserve Act and has no plans to seek regulatory changes, leaving such matters to Congress.

Powell, known for his critical views on Bitcoin, has previously described it as "unsuitable" for currency use and "too volatile" to compete with the US dollar.

Bitcoin (BTC) lost 4.54% to $101,323 at 3:18 PM ET, while Ethereum (ETH) dropped 5.30% to sell for $3,687 at the same time.